The Securities and Exchange Commission said Wednesday it approved the initial public offerings of Citicore Energy REIT Corp. and Figaro Coffee Group Inc., and the preferred shares offering of Arthaland Corp.
CREIT, the real estate investment trust company owned by Citicore Renewable Energy Corp. and Citicore Solar Tarlac 1 Inc., plans to sell up to 3.2 billion common shares at a price of P3.15 apiece.
The IPO will enable the company to raise up to P10 billion in proceeds, which it will use for the acquisition of properties in Bulacan and South Cotabato provinces. Assuming the overallotment shares are fully exercised, CREIT will have a public float of 49 percent, while shareholders will continue to hold 51 percent.
The offering will run from Nov. 26 to Dec. 3 in time for the shares to be listed in the PSE on Dec. 13, according to the latest timetable submitted to the SEC.
As mandated by the REIT law, CREIT should redistribute to shareholders at least 90 percent of its annual distributable income as dividends.
CREIT aims to focus on income-generating renewable energy real estate properties, including land and properties used for harnessing power. The company owns the Clark Solar Power Plant operating on land leased from Clark Development Corp., pursuant to a 25-year lease which will expire in September 2039.
Meanwhile, the SEC also approved the P1.77-billion IPO of Figaro. Under the plan, Figaro will sell 1.26 billion common shares at up to P1.28 apiece, with an overallotment option for another 126 million common shares.
Net proceeds will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments and potential acquisitions.
Figaro, owned by the Liu family, operates restaurants, coffee shops and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express and Café Portofino. It owns 90 stores across the five brands.
Meanwhile, Arthaland will sell up to 6 million preferred shares at P500 per share. Proceeds from the offering will be used by Arthaland to redeem its series B preferred shares and fund additional investments in subsidiaries.
